Now that the White House and U.S. Congress have signed-off on the debt ceiling bill they’ve moved onto setting up the so-called super committee. The super committee, a requirement of the debt ceiling bill, will be responsible for finding $1.5 billion in cuts over the next decade.
President Barack Obama did his usual bipartisan spin on how he hopes the congressional super committee will work together, find common ground, etc. House Speaker John Boehner (R), House Minority Leader Nancy Pelosi (D), Senate Majority Leader Mitch McConnell (R) and Senate Minority Leader Harry Reid (D) will each nominate three persons to sit on the committee. Names of potential committee members have been tossed around, but nothing official has been announced as of yet though the August 16 committee commencement deadline is fast approaching. Plus Standard & Poor’s downgrade of the United States credit rating may help speed along the membership selection process.
I don’t understand the need for a super committee. The National Committee on Fiscal Responsibility and Reform (‘debt commission’ ‘Bowles-Simpson commission’) in December 2010 had already laid out for the U.S. via a 66-page report the state of the economy and what needs to be done to make us solvent. The report recommended $4 trillion in savings through increased revenue and entitlement cuts. Of course, their suggestions were voted down, which was too expected. Those in government know that committees and committee reports are places where good ideas and suggestions–especially those that are not liked–die a quiet death.
In the instance of the super committee ideas won’t make it to the conference room because the Committee will be stacked with budget hawks (Rep. Paul Ryan, R-Wis.) and program protectors (Sen. Benjamin Cardin, D-Md.) from each party. Moderates will not be welcome at this dinner party. It will be a committee that won’t budge and won’t accommodate while pretending to behave in a bipartisan manner.
Tax revenues will be tabled due to the never-ending election cycle. Tax cuts will continue to be given to top tier income earners. Government programs will continue to be slashed under the auspices of doing more with less. Entitlements will find their way back in while the suggested cuts are bandied about by the committee as if they’re playing Monopoly instead of with the lives of millions of Americans. The report will be completed before its November 23 deadline because the committee members will want to go home for the Thanksgiving holiday.
Eventually the report will be released around the Christmas holiday or during an off-news cycle in December so that the media and the general public won’t take the time to read it and notice that only short-term, financially-miniscule decisions had been made. Obama will thank the super committee for doing a super job. Then the report will be tossed aside just like previous reports on the U.S. economy.
I can smell the bullshit already.
Bloomberg News said “[During a May 9th speech] House Speaker John Boehner, [gave] Wall Street leaders his prescriptions for growing the U.S. economy and reducing the nation’s debt [in which he] built his case on several assertions that are contradicted by market indicators and government reports.” Read more here.